CareConnectMD is expanding its primary care and palliative care services to in-home and skilled nursing patients with a $25 million investment from Minneapolis-based TT Capital Partners.
The company said the additional funds will help it deepen its presence in California, Texas and Ohio, as well as expand into new states. CCMD officials said they also plan to tap the additional capital to enhance the company’s technology platform and streamline care delivery to the medically complex and fragile patients it serves.
“High-needs patients account for only 5% of the U.S. population, but 50% of the nation’s overall healthcare costs, providing a tremendous opportunity for innovative care models to improve quality, drive savings, and enhance the quality of life for the most frail participants,” TT Capital Partners CEO Dawn Owens said in a statement.
Costa Mesa, CA-based CCMD partners with other primary care physician groups to help them participate in value-based care programs as a part of its high-needs Direct Contracting Entity arrangement under the Centers for Medicare & Medicaid Services. DCEs negotiate per-patient healthcare costs directly with CMS.
“As one of just eight high-needs DCEs in CMS’s new program, we now have the opportunity to revolutionize care delivery by allowing providers and facilities to enter into value-based contracts,” CCMD founder and CEO Kim Phan said in a statement. “We are excited about the opportunities before us and thrilled to welcome TT Capital Partners as an investor and a partner.”
CCMD launched its at-home program last year and works with a team of physicians, hospitals, behavioral specialists, social healthcare specialists and other healthcare providers to align care for medically complex patients.